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The company also raised its full-year sales and
profit forecast on Tuesday.
Several northeastern parts of the United States experienced
heavy snowfall this winter, with cities including New York,
Chicago and Boston hit with snow storms.
Home Depot has a large number of stores in the U.S. Northeast.
"We had a stronger than expected start to the year as we
experienced a more normal spring across much of the country and
continued recovery of the U.S. housing market," Chief Executive
Craig Menear said in a statement.
The company's total same-store sales rose 6.1 percent in the
first quarter. Analysts on average had expected a 5.5 percent
rise, according to Consensus Metrix.
Home Depot raised its profit forecast for the year ending
February 2016 to $5.24-$5.27 per share from $5.11-$5.17. The
revised forecast includes the benefit of a favorable settlement
of a tax audit and the impact of stock buybacks this year.
The company also increased its full-year sales growth forecast
to 4.2-4.8 percent from 3.5-4.7 percent.
Home Depot's net income rose to $1.58 billion, or $1.21 per
share, in the quarter ended May 3 from $1.38 billion, or $1.00
per share, a year earlier.
Revenue rose 6 percent to $20.89 billion.
Excluding items, the company earned $1.16 per share.
Analysts on average had expected a profit of $1.15 per share and
revenue of $20.81 billion, according to Thomson Reuters I/B/E/S.
Atlanta, Georgia-based Home Depot's shares were down about 1
percent at $113 in premarket trading.
Up to Monday's close, the stock had risen nearly 9 percent this
year.
(Reporting by Nayan Das in Bengaluru and Nandita Bose in
Chicago; Editing by Kirti Pandey)
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